Foxconn Surges with Record Q3 Revenue Driven by Artificial Intelligence
Foxconn's Remarkable Q3 Earnings Report
Taipei: Taiwan's Foxconn, the world's largest contract electronics maker, achieved record revenue for the third quarter, surpassing estimates driven by artificial intelligence (AI) demand. Revenue for Apple's major iPhone assembler surged 20.2% year-on-year to T$1.85 trillion ($57.3 billion), exceeding the company's expectations and analysts' estimates.
Fueling Growth Through AI
Foxconn attributed its robust revenue growth to a strong demand for AI servers within its cloud and networking products division, serving clients like Nvidia. Additionally, the quarter saw substantial growth in smart consumer electronics, particularly due to a series of new product launches, although year-on-year performance remained flat.
Looking Ahead
- September revenue reached T$733 billion, up 10.9% YoY.
- Foxconn projects a surge of momentum heading into the holiday shopping season.
- The company's share price has skyrocketed 86% this year.
Full earnings for the third quarter are scheduled to be reported on November 14. Foxconn's annual Tech Day on October 8-9 will highlight new innovations and partnerships.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.